Farmers National Banc Corp. (NASDAQ:FMNB) Files An 8-K Other Events
Item 8.01 Other Events.
Timing of Filing of Annual Report on Form 11-K
In accordance with the Securities and Exchange Commission Order under Section 36 of the Securities Exchange Act of 1934 entitled Modifying Exemptions from the Reporting and Proxy Delivery Requirements for Public Companies, SEC Release No. 34-88465, dated March 25, 2020 (the Order), Farmers National Banc Corp. (the Company, we or our) will be relying on the relief provided by the Order to delay the filing of the Annual Report on Form 11-K (the Form 11-K) for the Farmers National Bank 401(K) Retirement Savings Plan (Plan) for the year ended December 31, 2019 by up to 45 days.
The Company has experienced disruptions to its business and operations as a result of the coronavirus disease 2019 (COVID-19) pandemic. Many of its employees, including finance personnel, have been working remotely during the COVID-19 pandemic. In addition, the Company relies on third parties to perform certain analyses related to the preparation of the Plans financial statements and the completion of the related audit, and those third parties have also experienced disruptions to their operations due to COVID-19.
Accordingly, the Company is relying on the Order to postpone the filing of the Form 11-K to provide additional time to develop and process the necessary financial information to finalize the Plans financial statements and complete the related audit. The Company expects to file the Form 11-K no later than August 14, 2020.
Risk Factors Disclosure
The following are risk factors remain applicable to the Company relating to the COVID-19 global pandemic.
The outbreak of the recent COVID-19 could adversely affect our business, financial condition and results of operations.
Our business is dependent upon the willingness and ability of our customers to conduct banking and other financial transactions. The spread of a highly infectious or contagious disease, such as COVlD-19, has caused severe disruptions in the U.S. economy, which could in turn disrupt the businesses, activities, and operations of our customers, as well as our business and operations. Moreover, the COVID-19 outbreak has caused significant disruption in the financial markets both globally and in the United States. The spread of COVID-19, including the time such outbreak takes to wane and the time it takes our markets to return to normal, may result in a significant decrease in business and/or cause our customers to be unable to meet existing payment or other obligations to us. Although we maintain contingency plans, the spread could also negatively impact the business and operations of third-party service providers who perform critical services for us. The spread of COVID-19, or another highly infectious or contagious disease, or the failure to contain such spread, could have a material adverse effect to our business, financial condition and results of operations.